Overview:
The Funded Trader Program, established in May 2021, is a popular prop firm offering a variety of challenge types for Forex traders (though they have expanded into futures as well). They are known for their active community, frequent promotions, and multiple challenge pathways designed to suit different trading styles, including options with no minimum trading days.
Key Points:
- Account Sizes (Challenge): Ranges from $5,000 to $200,000 for most challenges; up to $400k for some.
- Year Started: May 2021.
- Minimum Evaluation Days: Varies significantly by challenge: Rapid Challenge (0 days), Royal Challenge (5 days/phase), Standard Challenge (3 days/phase), Knight Challenge (0 days), Dragon Challenge (0 days). Knight Pro has no min trading days but requires 3 profitable “Daily March” days.
- Maximum Accounts: High aggregate limits (e.g., up to $600k for Standard/Rapid/Royal/Dragon; up to $2.5M or 20 accounts for Knight/Knight Pro, with a total cap of $5M).
- Restricted Countries: OFAC-restricted countries (Cuba, Iran, North Korea, Syria, Russia, specific Ukraine regions) and also countries unsupported by their Rise payout method.
- Straight to Funded: No, all programs are challenge-based evaluations.
- Swing Trading: Allowed on most challenges and funded accounts. Some specific challenges (like older versions of Knight) might have had restrictions, but generally, overnight and weekend holding is permitted.
- Trading Platforms: Primarily MetaTrader 4 (MT4) and MetaTrader 5 (MT5). They have also introduced platforms like DXtrade, cTrader, and Match-Trader for some challenges/regions.
- Profit Split: Up to 95%, with an 80% base split that can scale up with performance. Some challenges also offer profit splits from the challenge phases.
Product Table (Example Challenge Models – Forex):
| Challenge Type | Account Size | Profit Target (P1/P2) | Daily Drawdown | Overall Drawdown (Type) | Min Days (P1/P2) | Fee (Refundable – Example) |
|---|---|---|---|---|---|---|
| Standard (2-Step) | $25,000 | P1: 10% ($2.5k) / P2: 5% ($1.25k) | 6% ($1.5k) | 12% ($3k) (Static) | 3 / 3 | ~$189 |
| $100,000 | P1: 10% ($10k) / P2: 5% ($5k) | 6% ($6k) | 12% ($12k) (Static) | 3 / 3 | ~$549 | |
| Royal (2-Step) | $25,000 | P1: 8% ($2k) / P2: 5% ($1.25k) | 5% ($1.25k) | 10% ($2.5k) (Static) | 5 / 5 | ~$289 |
| $100,000 | P1: 8% ($8k) / P2: 5% ($5k) | 5% ($5k) | 10% ($10k) (Static) | 5 / 5 | ~$599 | |
| Knight (1-Step) | $25,000 | 10% ($2.5k) | 4% ($1k) | 6% ($1.5k) (Trailing based on highest balance) | 0 (but specific rules apply) | ~$189 |
| Rapid (2-Step) | $25,000 | P1: 8% ($2k) / P2: 5% ($1.25k) | 5% ($1.25k) | 8% ($2k) (Static) | 0 / 0 | ~$199 (Often no time limit) |
Note: Fees are examples and are typically refundable upon receiving the first profit split from a funded account. Rules, targets, and drawdown types can vary between challenges and during promotional periods.
Pros:
- Wide variety of challenge types catering to different trading styles and risk appetites.
- High profit split, up to 95%, and potential profit sharing from challenge phases.
- Swing trading is generally allowed.
- Very high maximum account funding limits.
- Active community and frequent updates/promotions.
- Some challenges have no minimum trading day requirements.
Cons:
- The sheer number of challenge types and their nuanced rules can be overwhelming for new users.
- Drawdown rules (especially trailing on some 1-step challenges) can be strict.
- Platform choice was historically limited to MT4/MT5, though this is expanding.